What's next for the oil price rally — Business Extra Podcast

OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

Before we get to the broader causes, let's take a look at the key headlines dominating world news that have impacted crude prices in the recent past-along with the Energy Information Administration's (EIA's) inventory data, which was announced on April 4-beginning with the widely criticized decision by the Trump Administration to levy tariffs on steel and aluminium imports.

NAIJ.com earlier reported that the U.S. and other nations will abandon Nigeria's oil. The United States, however, skipped levying tariffs against Canada, the largest exporter of steel to the U.S., and Mexico. The authority added that in the same week crude oil inventories had increased by 2.2 million barrels, which went counter to analyst expectations of a draw or a much smaller build.

The Energy Information Administration (EIA), meanwhile, said this week that USA crude stocks rose last week as refineries cut output while gasoline stocks increased and distillate inventories fell. The price of oil has risen by about 6 percent in the past month thanks to expectations that the United States could do so.

Near-term supports for WTI crude are placed at $61 per barrel, a close below which crude prices should drop to $58 per barrel, the bottom of the medium-term bearish channel, where prices are likely to find a bottom.

Crude oil futures are trading lower early Friday.

India face South Africa in campaign-opener June 5
The second semifinal, it is learnt, will be held in Edgbaston on July 11, and the Lord's will host the final on July 14. The reason being, the ICC World Test Championship matches won't be Day-Night tests.

At 0754 GMT, June WTI crude oil futures are trading $67.93, down $0.25 or -0.37% and June Brent crude oil is at $74.60, down $0.14 or -0.19%.

By end-April, China will likely have taken in more than 9 million barrels per day (bpd) of crude - its most ever and almost 10 percent of global consumption.

While acknowledging that oil prices are buoyant and earnings appear to be looking up for producers, Della Vigna told CNBC that "Oil is going through a complete transformation, we think it's entering a whole new phase in the investment mega-cycle what we call the "age of restraint" as opposed to the "age of expansion" that we've seen in the first decade of the 2000s".

Crude oil is in a long-term bullish trend, no doubt about it.

Ehsan Khoman, head of research for Middle East and North Africa (MENA) at MUFG bank, the largest bank in Japan believes the oil market is underestimating the impact the collapse of the Iran nuclear deal.

It still remains to be seen how the films will handle the role of Chekov following actor Anton Yelchin's death. Paramount announced at CinemaCon that it planned to produce a fourth Star Trek film in its reboot series.

Like her good pal, Jennifer Lawrence , she proved that fame is fleeting and the box office is the ultimate judge of star power. The original Super Troopers only brought in $18.5 million at the box office so the sequel will have no problem passing that.

More titles in the Mario series will also launch in the course of this year, for the Switch as well as smartphones. For the full fiscal year through next March, profit will climb to 225 billion yen, according to Nintendo's outlook.

AFTVnews was first to notice the page on an online mailing list directory that shows a dedicated section to the " Fire TV Cube". With FreeTime on Alexa parents can configure all kinds of limits, such as the times that kids can interact with the Echo Dot.

There seems to be no ball that he can't catch, but his off the field antics are affecting his role with the team. While wearing a motocross helmet, Gronk was asked when he'll put on his Patriots helmet.

If the two-time Super Bowl MVP experiences a poor 2018, there will be no arrows left in the quiver of his ardent defenders. The Giants struggles in many areas during their dismal 2017 campaign, in part due to the team's lack of a running attack.

In Maryland, the rate was one in 31 boys and one in 139 girls. "Certainly, we're seeing a closing of disparities". This is nearly certainly not because something is affecting kids in New Jersey, said Zaharodny.

Fire breaks out in Baku's former Trump Tower
Reflecting the constructing's significance in Azerbaijan, Emergency Conditions Minister Kamalladin Heydarov was on the scene. The fire in the unfinished building started just weeks after a man died in an apartment fire in New York's Trump Tower.

Czechs to re-open Jerusalem consulate
This is why the Czech Republic has decided, as a first step, to open an honorary consulate in (led by Honorary Consul Mr. The Palestinians want the eastern part of the city - including the Old City - as the capital of their future state.

Mnuchin will head to China for trade talks
Meanwhile, ongoing economic reforms in the United States are necessitating that global trade rules be altered significantly. If Beijing and Washington fail to reach a deal, American tariffs would take effect after a May 15 public hearing.

More woe for Djokovic as French Open looms
Nadal is going for his 11th Barcelona title this week and the top seed looked ominously comfortable against Carballes Baena. He has won 32 of his last 33 matches on the surface, including 15 straight.